Deflect Arrows is actually a fairly weak feat in my opinion, especially in the hands of a non-Monk due to the open hand restriction. In my games, I use a variant of Deflect Arrows that remains useful for monks, but is also a less sub par feat choice for other melee combatants.
Deflect Arrows [General]
Prerequisites : Dex 13, Combat Reflexes
Benefit: When you would normally be hit with a ranged weapon you may,as an immediate action, deflect it so that you take no damage from it.
To deflect an attack from a ranged weapon, you must be armed and aware of the attack. Unusually massive ranged weapons and ranged attacks generated by spell effects can't be deflected.
Special:A monk may select Deflect Arrows as a bonus feat at 2nd level, even if she does not meet the prerequisites.
A fighter may select Deflect Arrows as one of his fighter bonus feats.
A warblade may select Deflect Arrows as one of his warblade bonus feats.
Note : The monk note was left there even though I no longer use monks in my game, preferring the swordsage for my supernatural martial artists.